JPMorgan Chase announces $100M Detroit investment

DETROIT (AP) -- Financial giant JPMorgan Chase has confirmed plans to invest $100 million over five years into Detroit to support and accelerate the bankrupt city's economic recovery.

The money announced Wednesday will be divvied up in loans and grants and includes funding for home mortgage loans, job training for Detroit residents and blight removal.

In a statement, JPMorgan Chase Chief Executive Jamie Dimon said the bank believes in Detroit's future and wants to see the city recover its economic strength.

Chase has more than 2,500 southeast Michigan employees.

Chase plans to put $50 million into Invest Detroit and Capital Impact Partners, which loans to Detroit development projects. Some $25 million will help with blight removal and other efforts. Chase also will use $12.5 million for job training programs.